Implementation Marketing-Mix Healthcare Product in Switzerland - Term Paper Example

Table of Contents Table of Contents 2 Figures 4 Introduction 5 Briefing 6 Chosen Product 6 Primary Research Question 7 Chosen Methodologies 7 Limitations concerning the Paper 8 Limitations of the 4 P’s Philosophy 8 Limitations of the Research Methodology 9 Literature Review 10 Introduction to the Segment 11 Marketing Mix 11 The Product Element 15 Functionality 16 Styling 16 Safety 17 Packaging 17 The Price Element 18 Demand and Price Curve 18 Calculate your costs 19 Pricing Objective 19 Pricing models 20 The Place Element 20 The Promotion Element 21 Personal Selling 21 Advertising 22 Consumer Promotion 22 Public Relations 22 The 3 New P’s in the Marketing Mix Philosophy 23 Applying the Mix 24 Introduction 25 Marketing Mix for Renew 25 Product Element 26 Name 26 Functionality 27 Styling 27 Safety 27 Packaging 28 Place 28 Shops and parlours 28 Online 29 Promotion 29 Price 29 Discussions and Analysis 31 Analysis 31 Marketing Mix adopted by the competitors 32 Conclusion 34 Works Cited 35 Appendices 37 Appendix 1: Case Study 1: A-maize-ing Retail 37 Figures Figure 1: The 4 Ps 14 Figure 2: Extended Marketing Mix 15 (Note: All the figures used in this term paper have been created by myself using the new graphic interface features in MS Word 2007) Chapter I Introduction Briefing From the above explained abstract, we have already gained certain insight as to what our project is about. However, we are yet to be introduced to the healthcare product that we will be working on, along with the exact explanation for the ones uninitiated as to what exactly are the elements that marketing mix holds and is comprised of. Chosen Product The health care product that is being launched in Switzerland is “Anti-aging cream”. We have named this new anti-ageing / wrinkle cream as Renew. Renew comprises of Vitamin E, anti-oxidants from extracts of acai berry and anti-wrinkle extracts from cherry. Being completely natural in nature, it is being touted as one of the best wonder-medicines for the ones looking to renew their skin and live a healthy and younger skin all over again. Then again, its anti-oxidant properties also make it appropriate for those venturing out in the heat of the sun. Anti-oxidant properties help nullify the tanning and harshening effect of the sun on the skin. Besides, the cream is also given the properties such as high SPF content (30+). The target audience for our product will, therefore, be men and women of over 30 years of age. Since the cream consists of herbal and natural extracts from plants and fruits, it does not show any side-effects on human or animal skin. After great research, it has been finalized that the cream will also be available in the form of gel lotions for those sensitive skins, which are oily and are reactive to the cream base of the product. Therefore, keeping in mind all the skin types and people, we have decided to launch our anti-wrinkle cream / lotion “Renew” in Switzerland. Primary Research Question This paper is about preparing the complete marketing mix for the benefit of the new healthcare product that is being launched in Switzerland. We will be discussing of ways and formulating the marketing strategies for this new product, while also planning on the correct way of implementation of the marketing strategy and marketing mix on the product. We will plan out on the product being launched, the correct pricing that should be set, the correct way of promotion and advertising to be adopted in regards to the product and the placing of the product in the minds of the customers. We will also generate certain comparisons as to how other healthcare products by other companies are doing in the same region, Switzerland, in this case and what are the marketing strategies adopted by them. With these key pointers and objective in mind, we will now go about with the creating of the marketing mix for the new healthcare product to be launched in Switzerland. Chosen Methodologies For this particular term paper, the author has decided to opt for Qualitative research techniques; one technique particularly grabbed the attention of the author, which was “the Case Study” technique as well as a very new methodology based on the APOS principal, even though the APOS methodology s used primarily for non – decisive and perfectly accurate subjects such as Mathematics, the author has extracted some components from the APOS theory to form a comparison with the already established products within the markets. For this particular research the author has selected two case studies which have been tagged along with the paper within a separate segment ‘Appendices’. These case studies will further strengthen our research and will ensure that our final outcomes would be undoubtedly triumphant considering the fact that our qualitative research will support the findings of the Literature Review segment of our research. We believe that this methodology is tailor – made for the research subject at hand considering there are many examples of much larger corporations that have already applied the marketing mix on their products and have succeeded while doing so, therefore, we believe that this type of a qualitative research methodology will serve our purpose to its optimum conclusion. Limitations concerning the Paper Limitations of the 4 P’s Philosophy The 4 P’s philosophy is quite narrow1; most of the fundamentals of the philosophy do not apply to the modern marketing methodologies. The pivotal focus is that the 4 P’s have certain limits and cannot cross their limitations, which is why many Marketing Mix experts have come up with 3 more P’s except for the prevailing dominant 4, these 3 extra P’s do not over throw the already established 4 P’s of the Marketing Mix philosophy, but act as a supplement for the Product, Place, Price, and Promotion factors. We will discuss further about the remaining 3 P’s of the concept within the Literature review segment as well as some other the following segments of this paper. Along with the description of the concepts we will also provide the importance of the remaining P’s for our designated product mix. (Marketing Teacher Ltd) Limitations of the Research Methodology Creating or formulating a perfect product promotion strategy can be quite a hurdle considering the amount of primary research involved, especially if the research is conducted based on the philosophies of Logical positivism as well as some quantitative data analysis methodologies. Therefore we had selected the ‘Case Study’ technique for this term paper, and believe that this would prove to be a success considering the fact that these case studies will concern the successful launch of the products based on the past experiences of other similar or larger corporations. Although, qualitative research methodologies have their own limitations, one of the most crucial factor of the qualitative analysis limitations is the fact that the results cannot be guaranteed as opposed to the quantitative research methodologies such as the questionnaire philosophy. Although even the quantitative data analysis methodologies do not provide accurate results, but the accuracy rate is quite higher as compared to the qualitative analysis methodologies. Chapter II Literature Review Introduction to the Segment Within this segment of our term paper, we will discuss the basic as well as advanced concepts of the marketing mix philosophy and while doing so we will also learn the implications of the Marketing Mix to our chosen Product named Renew. This segment will primarily deal with the observations and conceptualizations by many renowned authors as well as experts of the Marketing Mix philosophy; we would also discuss the content from the view of the founding fathers of this philosophy. Starting with the basics of Marketing Mix, we shall move further with the paper with discussing the 4 P’s as well as the afore mentioned 3 more P’s. Marketing Mix According to the experts of the Marketing commerce from Mind Tools’ desk, marketing can be described as “putting the right product at the right time at the right price in the right place” (Mind Tools). This, in essence, makes for the complete task and elements that encircle the term “marketing mix”. Marketing mix involves exactly the same thing. It requires us to identify the needs of the customer and the product. Once identified, you are supposed to put in on shelves in such a place where the customers you are targeting have the maximum reach. Then you get set to decide the right price, something that the customer feels in completely viable and justified in order to get the treatment or the product desired. The trick behind it all is to get the correct mix of all its elements. One wrong decision may spoil it all. (Hiebing and Cooper) Marketing mix is generally comprised of four elements or 4Ps as it is often referred to in the marketing terms. These 4Ps are: Product, Price, Place and Promotion (Kotler). While product deals with the product on offer, it also deals with identifying issues such as is the product exactly what the customers need; are there any features missing; its packaging, colours, style, name, differentiation against the other competitive brand and so on. The next option is the price. The price deals with the considerations of the right price for the product. How much is the costing for the product coming to the company; is it substantive for the buyer; will increase or decrease in price effect the customer; what is the price offered by the competitor brand; what discounts can be offered and so on. Place also brings along with it certain considerations such as what the distribution channels will be; where can customers find the product most conveniently; strategy by the competitor and so on. Lastly, and considered as one of the most important amongst the 4Ps comes the Promotion. Promotion is the factor that decides most on the success of the product. In this section, consideration of factors and issues such as the correct time for promotion, the correct mode for promotion, that is radio, television, kayaks, bill boards or promotional events and the likes of it. Then again, what will be the message being given out to the customers and target audience with regards to the product also becomes a part of the promotional thinking. (Kotler) The 4Ps mentioned above are what make the major crux of the whole term called “Marketing Mix.” However, with more awareness and diversity across the sector and more and more competition setting in across the globe, for a brand or product to be more successful, the marketing gurus have also created other 3Ps, which are as essential for the success of the product as the first four Ps mentioned above. So the remaining 3Ps happen to be: Physical layout, provision of services to customer and physical evidence. The physical layout covers the areas such as the physical attributes of the places (stores and showrooms) where our product or products will be displayed or sold. The reason is that the customers are now increasingly attracted towards the better presented and showcased products, what with the bettering of the lifestyle and the increasing awareness and competition. Secondly, the provision of customer services brings with it the aspect of providing the customers with better services be it in terms of handling complaints, providing assistance, providing advices, guidance or any other form. Lastly, physical evidence in today’s era of heightened competition makes for the most important aspect of marketing these days. The customers need to get ample proof of the fact that the product on offer, and with certain properties, is actually beneficial and shows the impact that it promises. False lies and loyalty do not go together these days. Hence, taking special note of the last of the 7Ps (as we may now call it) makes for the most beneficial aspect of the marketing mix. (QuickMBA.com) While this is just an introduction to the term marketing mix, in the passages to follow, we will be identifying with key issues such as the need of our product in the market, identifying if this is the right time for the launch of our product, why this specific country and much more on the similar lines. Figure 1: The 4 Ps Figure 2: Extended Marketing Mix The Product Element When we are considering a marketing plan for a product, it is extremely important for us to first identify the type of the product. In marketing sense, there are two types of products – tangible and intangible (NetMBA.com Internet Center for Management and Business Administration). Tangible object is the one that is mass produced, while intangible object is generally service based such as tourism industry etc. Name It needs to be considered if the name of the product suits the requirements and if it will help in the growth of the product. The name of the product is very important, as it is not only a part of the Product element of the marketing mix, but it also helps establish a brand name, that is, the promotion element of the marketing mix. (Behera) Functionality The functions (‘All’ the functions) of the product must be very clear to the company’s marketing team , these functionalities will help the organization’s marketing team establish some very critical upsides of the products along with the facts as to why the product is better than that of the competitors. The functionality factor is also very important to within the preliminary research segment (an optional research conducted before the creation of the product but after the development of the preliminary project report), and will help establish whether the populace really needs the product or not. (Baker) Styling The product should be designed in the most attractive of all manners. While attractiveness is definitely a factor, one also needs to consider the convenience factor. For example, a tube in striking colours will, therefore, prove to be a better and convenient option for all the users, especially when most of them are on the travel. The reason for this is that most of the European women in their late thirties and forties are hard working women, requiring travelling for business purposes very often. For similar reasons, the convenience to carry the cream will make it an incentive for the travelling, working women to adopt the product and stick to it loyally. The competitor in our case study, Roc Retinol, too supplies its products in the form of easy to carry tubes and bottles. A striking colour such as Red and White or “Blue and Gray” will help make the product pleasing on the eye. (Behera) Safety Testing of the product is a must, in our case study the product is a cosmetic cream, hence increasing the imperativeness of the safety element considering the fact that the various health boards will not approve the sale of the products without proper certifications. (Behera) Packaging The product’s packaging is yet another very important factor while considering the product element of the marketing mix, this generation trusts a ‘brand’, a brand that advertises, a brand that stands up to the competition, a brand that they believe is good for them because they are charging higher than the local and / or regional competitors because they advertise. Therefore, it is necessary to take care of the packaging and ensure that it is at least comparable to the available brands in terms of sty,lish looks and quality. (Chadraba) With the above factors taken in consideration, we are completely ready with our product. The next move, therefore, to the ladder of the marketing mix and strategy creation of the product will be in finalizing and considering the second P of the 7Ps, that is, the Price. The Price Element It has often been observed how the price of the product varies and makes for the success of that particular product. Therefore, we have to be extremely careful in our pricing techniques, for any irrationality will smother the entire lifecycle of the product. There are two types of pricing techniques which are adopted by the marketing strategists – Skim pricing and penetration pricing. Skim pricing generally involves making the price such that it is high enough in the market to reach the audience which are not price sensitive. Penetration pricing, as the name suggests, is the pricing that aims at penetrating the market and mass audiences and hence, is low. So how do we go about the process of finalizing the price of our product? (Bovay) (Marketing Teacher Ltd) Demand and Price Curve The first step to do is to first identify the demand and price curve / ratio. We need to first realize how the segment that we are targeting will react to the pricing of our product. Does high pricing trigger more demand or vice versa. Whichever the case it be, we decide on the pricing accordingly. Calculate your costs The second step to deciding the pricing of the product is to calculate the costs of the product as coming down to the company. These costs will include the cost of manufacturing, the costs of labour, the costs of transportation, taxes and so on. Once all of these are assimilated, we will have a rough idea as to what the rough pricing of the product will be for us. Pricing Objective The next in line is the pricing objective (Hiebing and Cooper). What is the exact objective of the company? Is it profit making? Is it revenue generation, maximization of the quantity or the leadership in the market? Depending on the objective of the company, the pricing will further take shape. For example, let us consider our product under consideration, if one bottle of Renew costs the company $8, depending on the objective we will set the price. If the objective of the company is to maximize its profits, pricing the product at $12 will suffice. If the objective of the company is maximization of revenues, pricing the product at $10 would make great for it. Therefore, the pricing would vary depending on the objective of the company. Pricing models While pricing the product has an effect on the lifecycle of the product, what also matters is the pricing models used. More creative the pricing models, the better will be the acceptance of the product in the mass market. Some of the pricing models that can be adopted are – quantity discount, seasonal discount, promotional discounts, exchange-old-for-new and so on. When launching the product in the market, such models help in establishing the brand in the minds of the target audiences. We will not, however, choose the final pricing of the product here. The reason for the same is that without realizing upon the expenditure on the part of the company on the promotional campaign, the correct price for the product under consideration cannot be reached. Once the pricing of the product has been decided, we next move on to the placement of the product. (The Times 100 Edition) The Place Element Once the product and its pricing are finalized, we move on to the outward aspect of the marketing mix – the placement of the product. For this, again, marketing research would be required. It is within the placement element shall the marketing team decide how to market the product, is it through direct retailing within the region, setting up channel partners such as C&F agents and / or distributors. The place element will also be responsible and very important while considering the price of the product, because the fact of the matter remains that the products final price can only be determined once the margins and commissions on all the marketing levels have been decided. (NetMBA.com Internet Center for Management and Business Administration) The Promotion Element This makes for the final task of the marketing mix for after the days work of making the product, pricing it and placing it on racks, it is the promotion that will help sell the product. The promotional mix aims at creating awareness amongst the target customers and hence, amalgamates the entire process of hard work in one. While the promotional tactics are several, the four most commonly used are: personal selling, advertising, consumer promotion and public relations (Baker) (Bovay) Personal Selling Appointing of sales executives and representatives and selling the product face to face to the customers is one of the most common ways of promoting your product. Tele promotion, online promotions too are making waves, though they are not as effective, they manage to create a “top-of-the-mind” situation. Advertising This is the costly way of promoting the product. One can choose from amongst various options such as advertising in print (news papers and magazines), electronic (television, radio, online), Kayaks, Billboards, car or bus wraps and so on. Promoting via advertising on television is especially extremely costly, with the cost for 30 sec commercial in the prime slot amounting to $100,000 to $1 million (Bovay, 2008). Consumer Promotion This is one of the most effective and cheapest ways of bringing the brand or product in the attention of the customer. Organizing events, contests, free trials, exchange, free coupons for a service, hugely discounted rates, etc are few of the ways that perform well in bringing the brand on the top of the mind and hence initiate the sales of the product. Public Relations The use of Public Relations (PR) in promoting the product is also very common. Releasing press releases, giving interviews, sending promotional write-ups to the magazines (which helps in targeting the target audience only) etc is one of the effective ways of promotional mix. While the company can use either of the above, the right promotional mix is the one that employs a variety of the above mentioned ways and hence, reaches to its audience in the widest and most effective mannerism. The 3 New P’s in the Marketing Mix Philosophy The three new P’s added by modern analysts are: People Physical Evidence Process With regards to a new product, customer service should be effective once people have accepted the product. In case there are any queries or complaints, the company needs to handle them in the most efficient and effective manner. For the same, establishing a helpline might work wonders. Then again, providing the customers with free trials of the product et cetera will help them ascertain if the product indeed does what it promises. This will help in building confidence amongst the customers, while word of mouth promotion also invariable occurs. Hence, while customer retention happens, new customer building also takes place (Kotler, 2003). With regards to physical layout, this section does not really affect the product much because the placing of the product is not via exclusive showrooms. Rather, we are using the placing amongst the parlours and big cosmetic shops for our particular case study. Nevertheless, installing posters, separate (colour-scheme oriented) sections amongst these places will help enhance the status quo of the brand and product. (The Times 100 Edition) Chapter III Applying the Mix Introduction Within this segment of the term paper, we would create the product based on the outcomes of the Literature Review segment in order to formulate the product according to an approved marketing mix philosophy. The extended marketing mix would be applied to the product; a fictional name, mode of production, fictional marketing and branding strategies, as well as the remaining elements of the mix have been applied in order to create a successful marketing module. Marketing Mix for Renew Now that we have got a brief background on the requirements and elements of marketing mix, the task for us begins now to create a successful marketing plan for our product, anti-wrinkle cream, which we have decided to name “Renew”. This anti-wrinkle cream is being launched in Switzerland and hence, the marketing mix that we create and put together should be in accordance to the requirements of the target audience in Switzerland. As we have learnt before, the marketing mix comprises of 4Ps in the initial most stages, while reaching to 7Ps once the product has been launched. When working towards creating a marketing scheme for the product, it is extremely important for us to first do certain types of marketing research in order to get certain facts right. This will help in further creating the correct marketing strategy for the product. Therefore, we will begin with the initial-most element of the 4Ps – the product. Product Element As we already know through the Literature review that there are two types of products – tangible and intangible (NetMBA.com Internet Center for Management and Business Administration). The product in consideration here, that is anti-wrinkle cream, is a tangible entity, which requires mass production. The first step towards generating the marketing strategy for the product is to get the product ready. Therefore, we will get to working on the product. Name We have already chosen the brand name, that is – Renew. The reason we decided on the name Renew for the product is that the word “renew” sums up the basic action behind our product – an anti-wrinkle cream, that will help revitalize the old and aged skin into a younger and softer feel. In comparison to our competitor, the Roc Retinol, which bases its name on the ingredient value, the name of our brand will help the general masses identify with the qualities of our product. (rocskincare) Functionality The product, an anti-wrinkle cream aims at helping reduce the wrinkles in the skin, while its anti-oxidant properties also help in delaying the process of aging. Therefore, the product functions at two levels – treating and preventing. The ingredients of the product are completely natural, acai berry extracts and red cherry extract, therefore making it a herbal and side-effect free cream for men and women of all ages. The SPF 30+ also helps protect the skin from the harmful UVA radiations. Vitamin E helps soften the skin while bringing within a certain glow of confidence and health. Styling A tube in striking colours will, therefore, prove to be a better and convenient option for all the users, especially when most of them are on the travel. The reason for this is that most of the European women in their late thirties and forties are hard working women, requiring travelling for business purposes very often. For similar reasons, the convenience to carry the cream will make it an incentive for the travelling, working women to adopt the product and stick to it loyally. The competitor in our case study, Roc Retinol, too supplies its products in the form of easy to carry tubes and bottles. A striking colour such as Red and White or “Blue and Gray” will help make the product pleasing on the eye. Safety The product has already been tested and hence holds no quality barriers. Comprising of the natural elements, there are virtually no side effects. For oily skins, which cannot take on the creamy base, we have also created a gel based product. Packaging While the product will be available, that is stored, in a tube format; the tube will further be simply wrapped in a transparent sheet of plastic. Instead of going for the conventional tube and box packaging, we are opting for only tube packaging. The reason for the same is that packaging costs at times makes the company inapt to reduce the costs at strategic junctures. Therefore, by cutting down the packaging costs, we will be able to reduce on the pricing of the product, hence making it more mass oriented. Place We will be required to know the pattern of the target customers and the habitual buying patterns for the particular product, in this case, anti-wrinkle cream. What are the places where people looking for an anti-aging / wrinkle cream will look into? Shops and parlours Most people, especially women visit local beauty parlours and ask for the advice of their beauticians before choosing on any particular cream or treatment. Therefore, roping in of the local parlours will prove to be extremely beneficial for the placing of the product. Secondly, shops retailing cosmetics too are the places where people look out for such products. Therefore, placing the products at these places will prove to be extremely beneficial. Online Online business is gaining extreme popularity what with lack of time amongst people. Placing the product online amongst stores or creating a separate website for the same will also help in expanding the reach of the product. Promotion As per the outcomes and discussions within the Literature Review Segment, the following strategies were chosen, these have been arranged in an ascending order based on their period of employment as well as the importance… Consumer Promotion: We would introduce initial introductory offers in order to reach the client base. Most of these promotions would also consider the dealers and distributors while deciding on an approach (some offers will be more lucrative for dealers). Advertisement sources chosen: 1. TV, 2. Radio, 3. Word of Mouth Campaign through a website. Maintaining PR through the means of magazines, etc. Price Coming back to pricing now, we will make some suppositions now. The average cost of production of one bottle of Renew would cost the company $8 approximately. If we decide to opt for the profit maximization (coupled with the skimming pricing), the final pricing, along with the costs of promotion would come up to $20. Then again, since the market is already filled bountiful with the competition, opting for certain restraint in terms of profit will help in the brand getting an edge. The competitive brand Roc Retinol by J&J is available in the market for $20. In order to compete with it, along with the new brand quotient in mind, pricing the product at $17.99 approximately will help the company make profits, along with reaching out to the target audience as well. The placement of Renew will be at the beauty parlours and certain big cosmetic shops and stores. With exclusivity, coupled with correct promotional mix, the product will be able to make the much anticipated and required response from the target audiences. (Johnson & Johnson) (Nahmias-Matteucci) Chapter IV Discussions and Analysis Analysis From the above mentioned 4Ps, we will now finalize the marketing strategy for Renew. The name, colors, features of the product have already been finalized as mentioned above. The point that will hit the target differentiating Renew from other anti-wrinkle creams is – “natural elements and no side-effect”. So the next step that comes into being is the pricing of the product. Since the competition is already high in the market, while the company also wants to establish Renew as one of the good brands, the pricing will be a mix of penetration and premium pricing. However, before we reach on to that, let us discuss the promotional mix to be adopted, for the promotional costs will also make an add-on to the costing of the product and hence, the deriving of the final product price. Opting for a mix of Public Relations and Consumer Promotion will prove best for the product. Organizing contests, exchange old for new (free trial scheme), handing out free coupons for discounts or food items etc are all the perfect ways to capturing instant attention of the customer. Then again, sending out targeted, promotional hand-outs to magazines, which are read by the target audiences, which in our case happen to be the women and men in late thirties and forties, will help establish the brand name of the product as genuine and elite (Chadraba, 1995). The costs involved in this promotional mix will vary between $10,000 and $50,000. Marketing Mix adopted by the competitors Before we launch ourselves into the development of the marketing mix for our product, Renew that is, it becomes important for us all to first identify with the techniques and strategies in the marketing mix adopted by our competitors. While the Swiss market is filled with the supply of herbal and skin care products, we will only be taking an example of one of the most famous names of the companies in the field of healthcare products – Johnson and Johnson. Johnson & Johnson has its function spread across the world and Switzerland also forms one of its base areas of function. Johnson & Johnson provides the customers with an anti-wrinkle cream (in several forms) called as Roc-Retinol. The company has provided the customers with a wide range of roc-retinol, starting from night cream to day cream, under-eye cream, correction cream and so on. The pricing also varies, while the most basic day cream “Roc-Retinol correxion deep wrinkle daily moisturizer SPF 15” 30ml is priced at around US$ 20. The product is widely available online and is strategically placed across the various stores in Switzerland. The cream aims at getting the target audience to use it for treating wrinkles and sun related problems. The company claims on using extensive research and development before reaching with the final product. Secondly, the cream is based on retinol which has proved its worth in treating wrinkles and making skin smoother. Even though the marketing campaign of the company has come under the scrutiny of the ASA (Advertising governing authority) for making claims of treating wrinkles (which ASA thought was not as effective), it is estimated that the product gained a market share by 5 points within one year of its launch (Poulter) (Nahmias-Matteucci)The sale of the Roc products is via the home selling catalogues. Chapter V Conclusion From the above study we conclude that the correct utilization of knowledge, research and resources in the formulating and application of the marketing mix can help one make a brand or product successful in the market. However, when formulating the strategy, be sure to research the market and if there is the need for that product, coupled with the type of competition you would be facing. Following the 4Ps assimilated, while also keeping in mind the elements that make for 7Ps will help one better the product, its services and hence, customer satisfaction. Once the customer is satisfied with the product, the services by the company, one ensures that it has made a brand loyalist out of the customer. Works Cited Baker, Michael J. The Marketing Book. Butterworth-Heinemann, 2003. Behera, Medha. The 7 Ps of Marketing Mix. 11 September 2008. 15 February 2009 . Bovay, Kris. Marketing Mix - Top 4 Promotion Mix Tactics. 2008. 14 February 2009 . Chadraba, Peter. The Central and Eastern European Markets: Guideline for New Business Ventures. Harworth Press, 1995. Hiebing, Roman G. and Scott W Cooper. The One-Day Marketing Plan: Organizing and Completing a Plan that Works. New York: McGraw-Hill Professional, 2004. Johnson & Johnson. Johnson & Johnson - Healthcare Products and Pharmaceuticals. 13 February 2009 . Kotler, Philip. Marketing Insights from A to Z: 80 Concepts Every Manager Needs to Know. Chicago: John Wiley and Sons, 2003. LucidView. Case Study: A-maize-ing Retail Marketing-Mix Test. N.D. 2006. 27 February 2009 . Marketing Teacher Ltd. Marketing Mix. 2000. 15 February 2009 . —. Pricing Strategies. 2000. 15 February 2009 . Mind Tools. The Marketing Mix and 4 Ps: Understanding how to position your market offering. 1995. 7 February 2009 . Nahmias-Matteucci, Laurence. Franchise Manager, Johnson & Johnson (March 2001 - February 2002). 2002. 15 February 2009 . NetMBA.com Internet Center for Management and Business Administration. Pricing strategy. 2002. 15 February 2009 . —. The Marketing Mix (4Ps of Marketing). N.D. 2002. 15 February 2009 . Poulter, Sean. Beauty firms banned from saying creams remove lines. 2009. 15 February 2009 . QuickMBA.com. Marketing Strategy. 1999. 15 February 2009 . rocskincare. Roc-Retinol correxion deep wrinkle daily moisturizer SPF 15. 15 February 2009 . The Times 100 Edition. The extended marketing mix (7Ps). N.D. 16 February 2009 . Appendices Appendix 1: Case Study 1: A-maize-ing Retail A-maiz-ing foods applied the marketing mix philosophy on their already established retail marketing business, the results, according to company officials, were beyond amazing. The analysts state that the promotional mix (a segment of the 4 P’s) did them wonders and the company’s revenues as well as profit enhanced by times fold. Although the margins were substantially decreased due to the expenditure on promotional methodologies, but the increase in the revenues was superb as compared to the negligible decrease in margins. But the increase in the revenues and the quantity of business also forced the organization to hire more people (one of the 7 P’s), which again lead to faster development of the business. As of now, the business is growing at a steady pace using the same 7 P’s. Although the big surprise was that the company did not increase the number of advertisements through costly sources such as TV, newspaper, etc. but this revenue was increased by… get ready for the surprise… ‘in house advertisements’ using posters of higher profit generating products, displaying the products in a well – formed stack manner, etc. This little incident helped the company increase the revenues by almost 22 %. Amazing, isn’t it? (LucidView) Read More